Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 08 Oct 2017 My Price 7.00

inverse relationship

Problem 16 in Chapter 1 posed the following situation: The demand for airline travel is quite sensitive to price. Typically, there is an inverse relationship between demand and price; when price decreases, demand increases, and vice versa. One major airline has found that when the price (p) for a round trip between Chicago and Los Angeles is $600, the demand (D) is 500 passengers per day. When the price is reduced to $400, demand is 1,200 passengers per day. You were asked to develop an appropriate model. Implement your model on a spreadsheet and use a data table to estimate the price that maximizes total revenue.

Problem 16:

The demand for airline travel is quite sensitive to price. Typically, there is an inverse relationship between demand and price; when price decreases, demand increases and vice versa. One major airline has found that when the price (P) for a round trip between Chicago and Los Angeles is $600, the demand (D) is 500 passengers per day. When the price is reduced to $400, demand is 1,200 passengers per day. a. Plot these points on a coordinate system and develop a linear model that relates demand to price.

b. Develop a prescriptive model that will determine what price to charge to maximize the total revenue. c. By trial and error, can you find the optimal solution that maximizes total revenue?

 

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Maurice Tutor
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Status NEW Posted 08 Oct 2017 11:10 PM My Price 7.00

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